Mentally Exhausted (newbie to forum)

hdr

Progress update:

Emergency Fund setup.
I will transfer a set amount each payday (£10 on each Friday) into a savings account, automatically. It's set a bit low at the moment but I am hoping to increase it within the next month or so once I sort some other debts etc out.

I have also found out some other areas where my surplus is going but still need to delve into my bank statements to figure out where everything else is going.

Thanks for the ongoing support. This thread is helping me stay focused and accountable!

LOVEHB

hdr wrote: »

I'd love to be able to pay one monthly payment for all my debts and be able to then have some money aside each week/month to actually 'do' stuff and save. Is this how it's worked out for you?

Hi Hdr

Yes i pay one monthly payment and they do the rest!! It has allowed me the breathing space i desperately needed. During my DMP i moved into new rented accomodation and i did not struggle to pay my dmp and the extra expense of moving it seriously changed my life not paying interest!!

Emmel

I could have wrote this exact post myself. I have a similar income and debt level as yourself. just wanted you wish you well and well done on taking the first steps

hdr

Emmel wrote: »

I could have wrote this exact post myself. I have a similar income and debt level as yourself. just wanted you wish you well and well done on taking the first steps

I hope the advice above helps. I've just started delving into my spending habits and will be tracking them this month to see where my surplus is going. See if I can save a few pennies here and there and put towards my debts.

Let me know how you get on.

Emmel

hdr wrote: »

I hope the advice above helps. I've just started delving into my spending habits and will be tracking them this month to see where my surplus is going. See if I can save a few pennies here and there and put towards my debts.

Let me know how you get on.

Thank you, yes ive had my light bulb moment, When I think of what i spend on repayments , that could be savings. yes its a long road but i will get there. One of my cards was 42% so have managed to shift 500 to another card a much lower apr which leaves a £500 balance, I have done a balance transfer of £200 onto a 0% card so last £300 to pay. I have paid an extra £20 this morning so sitting at £280. I have a small online business as well as my job so hoping to try and have a 'sale' with some surplus stock to raise some extra funds. My goal atm is to get this card paid off, then that will be one less and onto the next one.

Hope you are doing well

hdr

Can anyone advise me on something please....

I am sending letters of token payment requests to some Debt Collection agencies that I am dealing with.

I have one that is called SSL Capital for a payday loan that I couldn't pay back on time. They (SSL) sent me a letter offering 'plans' for monthly/weekly payments and I chose one and am now paying £5 per week.
Would I be wise and ok, to send them a £1 per month token payment letter too? Or would they just refuse this point blank because I am already in a £5 per week plan with them?

I will also be sending a copy of my income and expenditure to prove that the £5 per week is too much now.

Many thanks

enthusiasticsaver

You can offer them what you like and can afford. There is no guarantee they will accept but if your income and expenditure backs up that £5per week is too much they normally would. Have you tracked down where that surplus is going?

Sensible move to start up emergency savings. A good first start is to do as you have and start budgeting realistically.

hdr

Thanks for the reply and advice.

Almost there with the missing surplus! I didn't factor in things like clothing, haircuts, pet food/costs, school meals, entertainment and so on...

This month, I am keeping track of all of those things so I can get a better picture of where the money is actually going too.

I've set aside £10 per week at the moment for an Emergency Fund. Hoping to increase that every few weeks or so.

Thanks again

hdr

Can I also do this for catalogues and credit cards if I am not yet dealing with debt collectors?

Newstart3

If you talk to Stepchange, they can write to all your creditors and sort out a DMP for you. It sounds as if your credit file is pretty poor, but you have cash to pay back the debt. You could be debt free in just over a year if you have interest frozen. It's one monthly amount and stepchange distribute this between your creditors so it's easy to manage. You literally give over your creditor details, sign a form and set up a direct debit